What is alternative chart of accounts in SAP FI - Financial Accounting?

SAP Term: alternative chart of accounts

• Component: FI

• Component Name: Financial Accounting

• Description: A chart of accounts with the G/L accounts that meet specific legal reporting requirements in a country/region or for other company-specific reporting purposes.

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• Key Concepts: 
  Alternative Chart of Accounts (COA) is a feature in SAP Financial Accounting (FI) that allows users to create multiple COAs for different purposes. This allows users to have different sets of accounts for different business scenarios, such as different currencies, legal requirements, or reporting needs. The alternative COA can be used in parallel with the standard COA, and the data can be consolidated into one report. 
  
  How to use it: 
  To use the alternative COA feature, users must first create a new COA in the system. This can be done by going to the “Financial Accounting” menu and selecting “Chart of Accounts”. From there, users can enter the details of the new COA and save it. Once the new COA is created, users can assign it to a company code and activate it. 
  
  Tips & Tricks: 
  When creating an alternative COA, it is important to make sure that all of the accounts are properly mapped to the standard COA. This will ensure that all of the data is properly consolidated into one report. Additionally, it is important to make sure that all of the accounts are properly configured for reporting purposes. 
  
  Related Information: 
  For more information on alternative COAs in SAP FI, please refer to SAP Help documentation or contact your local SAP support team.